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SEC Filings, Earing Reports, Press Releases
PMC Commercial Trust Announces:
Posted by: gurufocus (IP Logged)
Date: December 16, 2008 10:03PM
Press Release: PMC Commercial Trust Announces: PMC Commercial Trust is a real estate investment trust that originates loans to small business enterprises and owns limited servicehospitality properties. As a commercial lender they originate loans to small business enterprises primarily collateralized by first liens on real estate of the related business. Their loans are primarily to borrowers in the lodging industry but they also originate loans for commercial real estate and the service retail and manufacturing industries. PMC Commercial Trust has a market cap of $70.39 million; its shares were traded at around $7.2 with a P/E ratio of 6.6 and P/S ratio of 2.58. The dividend yield of PMC Commercial Trust stocks is 13.78%. More on PCC: Gurus buys and sells of PCC 10-year financial history of PCC. Insider buys/sells of PCC.
- FOURTH QUARTER REGULAR DIVIDEND OF
- YEAR-END SPECIAL DIVIDEND OF
PMC Commercial Trust
NYSE ALTERNEXT US (Symbol: 'PCC')
In addition, the Board declared a 2008 year-end special dividend for common shareholders of
Both the quarterly cash dividend and the year-end special dividend are payable on
As a REIT, our distribution policy has been established to pay out 100% of our REIT taxable income. At the beginning of each year, a regular quarterly dividend rate is set at a level that our Board believes can be sustained over that year. The amount of any carryover undistributed REIT taxable income is considered when we set the quarterly dividend rate. At the end of each year, our Board reviews the final estimate of REIT taxable income for the year, determines the portion of the distributable amount related to taxable income that will be deferred until the subsequent year, and then decides whether payment of a special dividend is necessary for us to pay out 100% of our anticipated REIT taxable income for that year. We currently estimate that REIT taxable income generated in 2008, together with the undistributed REIT taxable income carried over from 2007, will be in excess of the amount we estimated when we established the full year regular quarterly dividend rate for 2008. For the past several years, we deferred two to three quarters of dividends at our regular dividend rate for distribution in the following year. As a result, we anticipate carrying over a significant amount of undistributed REIT taxable income into 2009. Accordingly, for 2008 our Board established the year-end special dividend of
Pursuant to our ongoing dividend policy, the Board will also consider a special dividend during 2009 if REIT taxable income is above our expectations in order for us to pay out 100% of our anticipated REIT taxable income for 2008. While there are timing issues and other factors that affect taxable income, we currently do not anticipate that a special dividend will be paid in 2009.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as we "expect," "anticipate," "estimate," "will" or words of similar import. Similarly, statements that described our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements can be subject to certain risks and uncertainties, including our financial performance, real estate conditions and market valuation of our common shares, which could cause actual results to differ materially from those currently anticipated. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.Source: PRNewsWire More on PCC: Gurus buys and sells of PCC 10-year financial history of PCC. Insider buys/sells of PCC.
Stocks Discussed: PCC,